Karachi, September 21, 2023 (PPI-OT): KSE-100; Consolidation to continue

Range-bound activity continued as the KSE-100 index closed the session at 45,890 level, losing 21 points DoD. Volumes stood at 129mn shares as compared to 117mn shares traded previously. The index is likely to test support at 45,808 where a fall below that will extend the decline towards 45,468 level. However, any upside will face resistance in the range of 46,010-46,140 where a break above that will target 46,655 (50-DMA). Meanwhile, the 30-DMA is on the verge of crossing below the 50-DMA which is a bearish sign. We recommend investors to stay cautious at the current level. The support and resistance levels are at 45,787 and 46,014, respectively.

BOP: Recovery to continue

Strategy: 'Buy on dips' - targeting Rs3.77 and Rs3.93; stoploss at Rs3.51.

ENGRO: Recovery trend intact

Strategy: 'Buy on dips' - targeting Rs250.61 and Rs254.51; stoploss at Rs245.25.